India's JSW Holdings denies stake interest in MG Motors, BYD; down 3.4%

JSW Holdings

26/04/2023 06:20

** Shares of JSW Holdings Ltd  JNSW.NS  down 3.4% after
refuting reports of a planned stake buy in MG Motor India and
BYD India
    ** Core investment company confirmed "no such proposal has
been placed for discussion"
    ** Stock had soared 13% on Tuesday after multiple reports
said it intended to pick up stakes in the Indian units of MG
Motor and BYD
    ** Reports said co eyed 15%-20% stake in MG Motor for 20 bln
rupees ($244.13 mln) to 30 bln rupees 
    ** Trading volume at ~2,000 shares as of 10:25 a.m. IST,
only slightly above 30-day avg 
    ** Up to last close, stock was up 2.7% so far this year


 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))